Ares Management

ARES · NYSE

$116.29+$3.29 (+2.91%)TodayMarket closed · Oct 20, 7:34 PM ET

Prev close $113.00

ARES analyst rating

BuyConsensus of 17 analysts over the last 12 months. 82% rate it a buy.

Strong buy1
Buy13
Hold3
Underperform0
Sell0

12-month price target · 21 analysts

Average $151.14 (+30.0% upside)

Low: $123.22
Now: $116.29
High: $176.40

Upgrades and downgrades

The latest rating actions, newest first

ARES analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 19, 2026	Maintains	Overweight	$150.00 → $143.00	37%
UBS	Oct 13, 2026	Maintains	Neutral	$142.00 → $134.00	43%
TD Cowen	Oct 12, 2026	Maintains	Buy	$163.00 → $159.00	53%
Wells Fargo	Oct 2, 2026	Initiates	Overweight	$136.00	63%
Piper Sandler	Sep 24, 2026	Initiates	Overweight	$150.00	37%
Oppenheimer	Aug 27, 2026	Maintains	Outperform	$151.00 → $162.00	67%
TD Cowen	Aug 3, 2026	Maintains	Buy	$153.00 → $155.00	53%
JP Morgan	Aug 3, 2026	Maintains	Overweight	$143.00 → $153.00	53%
RBC Capital	Aug 3, 2026	Maintains	Outperform	$162.00 → $168.00	17%
Oppenheimer	Aug 3, 2026	Maintains	Outperform	$140.00 → $151.00	67%

The case for and against

Updated Oct 14, 2026

Bull case

Ares Management is well positioned as a scaled alternative-asset manager with $671.3 billion in total AUM and $409.9 billion in fee-earning AUM at the end of June 2026, supported by broad diversification across credit, private equity, real estate/real assets, and other alternatives. Its outlook is strengthened by durable institutional fundraising, resilient Retail/Wealth flows, and a powerful incumbency effect that is driving cross-sell, record gross sales, and improving conversion of dry powder into fee-paying assets, while management still sees 16-20% FRE CAGR through '28. Margin expansion should follow as AUM scales and deployment broadens across ABF, European direct lending, real assets, and digital infrastructure, with the data center platform’s path toward a $50-100M+ FRE contribution by '27E adding further earnings upside.

Bear case

Ares Management is facing a more fragile setup despite its scale, because elevated redemption pressure from non-U.S. and smaller institutional-style accounts points to weakening stability in its retail and evergreen funding base. While DC strategy fundraising and Pathfinder III demand remain constructive, the firm still depends on capital markets conditions that could reverse quickly if spreads widen further, LP allocations delay, or the BSL market and retail channel retrench. Even with ~2x interest coverage, declining LTVs, and strong EBITDA growth, the outlook stays negative because rising rates, regulatory shifts, and capital-markets disruption could slow asset gathering, deployment, monetization, and fee growth.

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